Oil soars more than 6% after Israel’s strike on Iran alarms market

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Oil prices jumped more than $4 a barrel on Friday, hitting their highest price in almost five months after Israel struck Iran.

Brent crude futures jumped $4.60, or 6.63 per cent, to $73.96 a barrel after hitting an intraday high of $78.50, the highest since January 27.

US West Texas Intermediate crude was up $4.99, or 7.33 per cent, at $73.03 a barrel after hitting a high of $77.62, the loftiest since January 21.

Friday’s gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike.

Israel said it targeted Iran’s nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon.